Ferrochrome Price Review Ferrochrome prices saw no adjustments this week. As of August 21, 2026: Inner Mongolia high‑carbon ferrochrome is RMB 7,850‑8,000 /50‑metric‑ton base unit; Sichuan and Northwest China high‑carbon ferrochrome is RMB 7,950‑8,050 /50‑metric‑ton base unit; East China high‑carbon ferrochrome is RMB 8,300‑8,400 /50‑metric‑ton base unit; Kazakh high‑carbon ferrochrome is RMB 9,200‑9,300 /50‑metric‑ton base unit; The high‑carbon ferrochrome steel tender expectation index registered RMB 8,030.23 /50‑metric‑ton base unit, with mainstream market expectations pointing to flat or modestly lower prices. Demand Side The downstream stainless steel market trended weakly this week. Futures slipped, and spot prices followed suit. Although the traditional peak consumption season of “Golden September & Silver October” is approaching, market confidence remains subdued. Steel mills show low willingness for pre‑stockbuilding, and there has been no material recovery in inquiries and procurement for ferrochrome. Most market participants take a wait‑and‑see approach and will formulate plans after major steel mills release tender prices next month. Supply Side Domestic ferrochrome production presents widening north‑south divergence. Smelters in southern regions such as Guangxi and Guizhou have cut output amid cost‑margin inversion, dragging down regional ferrochrome output. Inner Mongolia in the north maintains stable operation with output staying at high levels, and overall ferrochrome supply remains ample. On the import front, insufficient production resumption in South Africa and high costs in Zimbabwe keep imports low, exerting little near‑term market impact. Overall, supply surplus is the core theme, and ferrochrome prices are expected to run soft in the short term. Chrome Ore Price Review As of August 21, 2026, Tianjin Port quotations: South African 40‑42% chrome concentrate ore at RMB 53.5‑54.5 /dmtu; Zimbabwean 48‑50% chrome concentrate ore at RMB 58.5‑60 /dmtu; Turkish 40‑42% chrome lumpy ore at RMB 70‑71 /dmtu, flat week‑on‑week. Overseas offers: South African 40‑42% chrome concentrate ore at USD 285 /ton, flat week‑on‑week; Zimbabwean 48‑50% chrome concentrate ore at USD 365‑375 /ton, up USD 5 week‑on‑week; Turkish 40‑42% chrome lumpy ore at USD 340‑350 /ton, up USD 10 week‑on‑week. Supply Side Chrome ore port inventories fluctuate around the extremely high level of 5 million tonnes, keeping supply loose. South African chrome ore fines are sufficiently available. Major overseas mines have kept offers unchanged for two consecutive rounds, underpinning price floors while capping the upside for chrome ore prices. Supply of mainstream‑origin chrome ore and high‑grade chrome ore concentrates is tight. Rising ocean freight rates push up transportation costs; forward prices from overseas mines remain firm, increasing cost pressure for traders and reinforcing their price‑holding sentiment. Supported by the above factors, spot quotations remained stable this week amid stalemated bargaining between buyers and sellers, with limited physical concluded trades. Demand Side Entering a new round of steel tender bidding cycle, wait‑and‑see sentiment prevails across the market. Ferrochrome smelters stay prudent and avoid long‑term stockbuilding. In addition, ferrochrome supply surplus weighs on ferrochrome prices. Smelters are under heavy production‑cost pressure and inventory‑liquidation pressure, showing limited willingness to purchase raw‑material chrome ore, and no large‑scale bulk buying has taken place. Only sporadic small‑volume deals were closed this week, preventing sharp price swings.

It is understood that from August 14 to August 20, 2026, the weekly comprehensive operating rate of lead-acid battery enterprises in SMM five provinces was 65.86%, up 2.95 percentage points WoW. In mid-to-late August, enterprises that had reduced or suspended production earlier due to high-temperature holidays gradually resumed normal production. At the same time, as the traditional peak consumption season approaches, finished product orders for some e-bike and automotive battery enterprises improved, and a small production ramp-up occurred, with the ramp-up range of about 5%-10%, driving the weekly operating rate of lead-acid battery enterprises to continue its uptrend this week. However, the performance of the traditional peak consumption season is still not as good as previous years. Most enterprises stated that in 2026, the lead-acid battery market faces multiple factors such as lithium battery substitution, insufficient export cost advantages, and tariffs, leading to limited improvement in end-use consumption. Therefore, producers overall still maintain a produce-based-on-sales model, and enterprise operating rates are also lower than the same period last year.

As Q3 2026 reaches the halfway mark, how has recent consumption of die-cast zinc alloys performed? What are companies’ expectations for demand going forward?

[More than Half of Q3 2026: How Is the Consumption of Die-Casting Zinc Alloy and Zinc Oxide?] In the blink of an eye, more than half of Q3 2026 has already passed. How has the recent consumption of die-casting zinc alloy and zinc oxide been? And what are enterprises' expectations for the future?

According to SMM data, the antimony market showed a stable-then-rise trend this week, with the price center continuing to move higher. The average price of #1 antimony ingot stabilized at 92,000 yuan/mt from Monday to Wednesday (Aug 10-12), was raised by 1,500 yuan/mt to 93,500 yuan/mt on Thursday (Aug 13), and remained unchanged on Friday. 99.8% antimony trioxide (domestic) largely moved in tandem, with its average price stabilizing at 82,000 yuan/mt from Monday to Wednesday, edging up by 500 yuan/mt to 82,500 yuan/mt on Thursday (Aug 13), and unchanged on Friday. The increase in antimony trioxide was noticeably smaller than that in antimony ingot, reflecting that downstream demand from flame retardants and other end uses improved but remained mild. In terms of pace, prices in the antimony products market mainly climbed steadily during this week's trading days; smelters generally held prices firm and held back from selling under loss-making pressure, and the market showed clear directional momentum. The mid-week rise was mainly driven by warming expectations of continued buyer stockpiling, but market participants widely reported that downstream rigid-demand restocking slowed noticeably and speculative interest also cooled, with overall market sentiment shifting to mildly bullish. Date #1 Antimony Ingot Lowest Price #1 Antimony Ingot Highest Price #1 Antimony Ingot Average Price Antimony Trioxide Lowest Price Antimony Trioxide Highest Price Antimony Trioxide Average Price Change 2026-08-10 (Mon) 91,000 93,000 92,000 81,000 83,000 82,000 Antimony +2,000 / oxide +1,000 2026-08-11 (Tue) 91,000 93,000 92,000 81,000 83,000 82,000 Unchanged 2026-08-12 (Wed) 91,000 93,000 92,000 81,000 83,000 82,000 Unchanged 2026-08-13 (Thu) 92,000 95,000 93,500 81,500 83,500 82,500 Antimony +1,500 / oxide +500 2026-08-14 (Fri) 92,000 95,000 93,500 81,500 83,500 82,500 Unchanged Weekly Average 90,500 92,900 91,700 78,750 81,400 80,075 Weekly +1.6% / +0.6% According to SMM estimates, China's antimony ingot production in July 2026, including antimony ingot, converted crude antimony, and antimony cathode, jumped about 30% MoM, showing a sharp increase. Customs data show that antimony ore imports from outside China in April, May, and June all exceeded 10,000 mt, and large ore imports inevitably translated into higher antimony ingot production. In H1 2026, cumulative antimony ore imports reached 59,347.5 mt in physical content, already exceeding total imports for full-year 2025. June antimony ores and concentrates imports were 10,688.6 mt, down 2.7% MoM from 10,980.1 mt in May, but still above the 10,000 mt mark. However, the previously market-worried "Spain variable" source is not sustainable. Combined with limited domestic mining output growth, the tight raw material pattern remained unchanged. Notably, a planned #1 antimony ingot smelting project with annual capacity of 10,000 mt in Xiaoerkule, Xinjiang may affect the future supply landscape. From a cost perspective, mining costs of some large producers' self-owned antimony ore plus smelting processing fees are now relatively close to spot prices, and smelters' willingness to hold prices firm and hold back from selling is highly consistent, which is also the core reason prices could sustain their uptrend this week. June antimony trioxide export volume was 474.3 mt, up 145.6% MoM from about 193 mt in May, with Russia as the top destination. Export channels showed a diversification trend, but total volumes remained low. Over the same period, unwrought antimony exports were zero, indicating antimony ingot exports were still restricted. The import structure shifted markedly, with Spain's share rising; export channels became more diversified, but total volumes remained low. Looking at Thai trade data, Thailand's antimony ingot imports in June were 1,405 mt, up 173.1% MoM and a half-year peak, sourced mainly from Vietnam, Myanmar, and Hong Kong; exports were 689 mt, up 132.1% MoM, mainly destined for Belgium, South Korea, and Japan. Thailand's industry chain pattern of processing antimony ingots into value-added exports to developed economies is clear, with export unit prices generally above import costs and a notable processing value-added effect. Data Indicator Latest Month Previous Month MoM Change Antimony ores imports (mt) 10,688.6 (Jun) 10,980.1 (May) -2.7% H1 cumulative antimony ore imports (mt in physical content) 59,347.5 - Exceeds full-year 2025 Antimony trioxide exports (mt) 474.3 (Jun) 193.2 (May) +145.6% Unwrought antimony exports 0 (Jun) 0 (May) Remained zero Antimony ingot production Jul +30% MoM Jun +30% Export controls continue. Since July 1, export controls on strategic minerals have been upgraded to "whole-supply-chain networked supervision"; compliant export channels have narrowed, which will further tighten domestic available supply. Although antimony trioxide exports rose sharply MoM, total volumes remained low compared with normal monthly exports of several thousand mt, and the industry chain's export willingness improved but the overall stance remained cautious. On end-use demand, as the traditional off-season draws to a close, operating rates across downstream sectors are expected to rebound steadily; for example, operating rates in the flame retardant and alloy sectors are expected to increase with the arrival of the September-October peak season. After earlier capacity contraction, the PV glass industry also has production resumption expectations, but demand for sodium pyroantimonate still needs to be observed and verified. Bromine prices rose to 36,500 yuan/mt on tightening supply and consolidated at highs, providing cost support for antimony prices. However, after restocking for rigid demand in the previous period, end-users now hold some raw material inventory and are not highly motivated to continue restocking in the near term. From this week's antimony trioxide transactions, downstream acceptance of high-priced antimony trioxide supply remained cautious, and there was some resistance in passing this through to the upstream smelting segment. This was also an important reason why this week's antimony price rise was measured and lacked momentum for a one-sided sharp rally. For example, sodium pyroantimonate production in July fell 20% MoM, and two consecutive months of decline showed that the peak demand season had not arrived. From this week's trend, the pace of price increases reflected the market's core contradiction: a game between smelters' willingness to hold prices firm and downstream acceptance of high prices. Looking ahead to next week, the core logic supporting antimony prices remains solid: smelters generally face loss-making pressure from inverted prices of externally purchased raw materials and finished products, and their willingness to hold prices firm and hold back from selling is highly consistent; meanwhile, the approaching September-October peak season is further strengthening downstream expectations of future restocking. Next week, antimony prices are expected to hold up well. Given that current gains are relatively mild and upward momentum still needs to accumulate, the probability of a sustained one-sided sharp rally is low. Attention should be paid to downstream actual acceptance of cargoes after price increases. In the medium and long term, over the next month, the antimony market is expected to continue its firm pattern as peak-season demand materializes. Late Q3 to early Q4 is the traditional peak consumption season for antimony products; the flame retardant industry entering its production peak will boost consumption of antimony trioxide and antimony ingot, and the PV glass industry has production resumption expectations. On the supply side, China's antimony ore is constrained by resources and can hardly see significant volume growth; export controls continue to deepen, and the price center is expected to rise gradually. Key Points to Watch: - Downstream actual acceptance of antimony ingot prices after increases and the sustainability of transaction volume expansion - Changes in Antimony Oxide Capacity Outside China and China's Export Recovery Progress - Actual Verification of "September-October Peak Season" Demand - Subsequent Changes in Antimony Ore Imports - Progress on the 10,000 mt Antimony Ingot Smelting Project in Xiaoerkule, Xinjiang - Bromine Price Trend and Cost Support - Enforcement of Strategic Mineral Export Control Policies

According to SMM data, artificial graphite anode material production in July maintained steady growth, up 6% MoM and a significant 70% YoY.